Got stopped.
Hi, Trigger, I use Fins.
I read rour post but I don't have an answer to your problem regarding Footsie. I have left stops on while I went to work but often find them triggered when I get home. The only possibility that I see in your case is to swing trade overnight, which I sometimes do with the SP. This can be traded out of hours from 0800 and I sometimes do that, if it looks ok by lunchtime, leaving a stop on.
I get home 40 minutes before the close, which gives me time to see if I have been stopped, assess the trade and, either close it or let it run until the next day.. Quite often I have been stopped but last June, I let it run overnight and, once you have a good profit buffer you could let it go for days. If you catch a trend like that, you are on a roll. I have found the SP to be a very user friendly index and, with Fins, you can practice trade for as little as 50 pence per point. I trade a higher stake in the mornings with that, than I do with Footsie,because it is a slow mover until 1400, but it moves proportionately with the Dow when New York opens, so I reduce my stake size before I go to work, unless I can move my stop into profit, otherwise the risk could be too high while it is not monitored.
Another point that I do not have experience with. You can telephone trade before the market opens at 0800. Don't know anything about minimum trades or conditions, though. Maybe the spread could be too much. The normal spread is 0.6 points, BTW.
It's an idea, I hope it helps.
Split
Hi, Trigger, I use Fins.
I read rour post but I don't have an answer to your problem regarding Footsie. I have left stops on while I went to work but often find them triggered when I get home. The only possibility that I see in your case is to swing trade overnight, which I sometimes do with the SP. This can be traded out of hours from 0800 and I sometimes do that, if it looks ok by lunchtime, leaving a stop on.
I get home 40 minutes before the close, which gives me time to see if I have been stopped, assess the trade and, either close it or let it run until the next day.. Quite often I have been stopped but last June, I let it run overnight and, once you have a good profit buffer you could let it go for days. If you catch a trend like that, you are on a roll. I have found the SP to be a very user friendly index and, with Fins, you can practice trade for as little as 50 pence per point. I trade a higher stake in the mornings with that, than I do with Footsie,because it is a slow mover until 1400, but it moves proportionately with the Dow when New York opens, so I reduce my stake size before I go to work, unless I can move my stop into profit, otherwise the risk could be too high while it is not monitored.
Another point that I do not have experience with. You can telephone trade before the market opens at 0800. Don't know anything about minimum trades or conditions, though. Maybe the spread could be too much. The normal spread is 0.6 points, BTW.
It's an idea, I hope it helps.
Split
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Hi split
Your advice is welcomed and helpful!
I think for now i have had my run with index options and will go to SB as i have an old acc with fins that just needs dusting off ha ha
I. due to personal reasons need a regular income so cant be self employed for the foreseable future tho have negotiated a 38 hour week so may not be so bad to trade. You mentioned S&P to me before so will look now into it in more depth, its just that ftse is an animal i know, but its a growing experience i guess, my only caviat is learning how to implement stop losses on their platform because with options you rely on your own discipline, will look into ftse and s&p maybe even dow
Thanks for your time
Be well
steve
Your advice is welcomed and helpful!
I think for now i have had my run with index options and will go to SB as i have an old acc with fins that just needs dusting off ha ha
I. due to personal reasons need a regular income so cant be self employed for the foreseable future tho have negotiated a 38 hour week so may not be so bad to trade. You mentioned S&P to me before so will look now into it in more depth, its just that ftse is an animal i know, but its a growing experience i guess, my only caviat is learning how to implement stop losses on their platform because with options you rely on your own discipline, will look into ftse and s&p maybe even dow
Thanks for your time
Be well
steve
Sorry Trigger,
Options are a different animal. I was on about the rolling index, but you'll have to find someone else for options.
Hi split
The point i was making is that im done with options, i feel SB or somrthing similar that is not so delta/volatilty reliant would be a better 'option' for me pardon the pun LOL
Ftse is my path though am open minded to add other indices too
Sorry for any confusion.... i had had a tipple beforehand!
Be Well
Steve
The point i was making is that im done with options, i feel SB or somrthing similar that is not so delta/volatilty reliant would be a better 'option' for me pardon the pun LOL
Ftse is my path though am open minded to add other indices too
Sorry for any confusion.... i had had a tipple beforehand!
Be Well
Steve
There has been a recent thread on momentum trading in which the MACD indicator was mentioned. That's why I have it on this chart--not because I, particularly, advocate it, because I don't, normally, use indicators.
Nevertheless, notice how the Footsie changes trend when the indicator crosses zero. It's confirming, if nothing else.
About your query. If I was a position trader, I would, probably have been long from the 8th, because I am a bit too aggresive for my own good and because my rule is not to trade a breakout, but to wait for a pullback, afterwards. But that MACD indicator coming down like it is now would, I think, be preparing me for a possible abort. Also, the price has retreated to below the BO line.
What's your view on this?
It just shows that indicators serve to confuse and should be chucked out!
Split
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Hi split - I wasn't long from the 8th - though the trend had changed to up as highlighted by Jon at the time, the 1-day pullback was too short for me. I have been awaiting a 3-day pullback, which we may just have now, to go long. Your MACD trace does suggest we're going down further next week so I may still have the chance to go long deep in this pullback.
I also don't base action on indicators. OK, MACD and RSI etc. can suggest we are nearing the end of a trend, especially if they're showing divergence, but so what? Sometimes they are very accurate with hindsight but I'm not jumping into a swing trade until the trend has changed anyway as shown by price action.
I must admit, I do use lagging indicators that confirm trend strength AFTER the change - this is still useful as it helps with position sizing and risk management - Coppock and Av. Directional Movement especially.
I also don't base action on indicators. OK, MACD and RSI etc. can suggest we are nearing the end of a trend, especially if they're showing divergence, but so what? Sometimes they are very accurate with hindsight but I'm not jumping into a swing trade until the trend has changed anyway as shown by price action.
I must admit, I do use lagging indicators that confirm trend strength AFTER the change - this is still useful as it helps with position sizing and risk management - Coppock and Av. Directional Movement especially.
Bladerunner
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A few charts
Split
macd ?????????????????????????
Hope your well Split and all
licking my wounds still but Splits macd chart were such a blast from the past, felt compelled to dig out the old saved templates
Found macd works very well over 3 timeframes = slow line the trend ob os histo your power unit judge, infact that gives me an idea
Some charts for you boys and girls to check out
Good call I think Tom, would not like to put money on it yet can see one more large intra day spike or two to clear them early long stops out
volume on the weakness low, up moves appear better supported, quite a few nice hour pinbars testing lower on good volume intra day
Hope everyones trading and life good :clover:
Andy
Split
macd ?????????????????????????
Hope your well Split and all
licking my wounds still but Splits macd chart were such a blast from the past, felt compelled to dig out the old saved templates
Found macd works very well over 3 timeframes = slow line the trend ob os histo your power unit judge, infact that gives me an idea
Some charts for you boys and girls to check out
Good call I think Tom, would not like to put money on it yet can see one more large intra day spike or two to clear them early long stops out
volume on the weakness low, up moves appear better supported, quite a few nice hour pinbars testing lower on good volume intra day
Hope everyones trading and life good :clover:
Andy
Attachments
Bladerunner
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Hi Andy -
BP first - if I had to trade this now it would be cautiously long. There are signs its forming an ascending triangle with resistance at 538 - if it can breach this it should resume upwards with the FTS100, which it is currently lagging, worryingly. This would take it back upwards into the wide range it has been trading since a year plus, with resistance maybe 620's, support in the 510's, so a very reasonable risk:reward. But for the precise entry I would await breach of 538, then a pullback over 3 days, then go long on the next day with a higher high and higher low - as I said, cautious.
My only reservation re trading the oil sector is unpredictable changes in the oil price. Sometimes the oil producers go up with the per barrel price, sometimes not, so I see BP etc. as derivatives - hard to TA with confidence.
BP first - if I had to trade this now it would be cautiously long. There are signs its forming an ascending triangle with resistance at 538 - if it can breach this it should resume upwards with the FTS100, which it is currently lagging, worryingly. This would take it back upwards into the wide range it has been trading since a year plus, with resistance maybe 620's, support in the 510's, so a very reasonable risk:reward. But for the precise entry I would await breach of 538, then a pullback over 3 days, then go long on the next day with a higher high and higher low - as I said, cautious.
My only reservation re trading the oil sector is unpredictable changes in the oil price. Sometimes the oil producers go up with the per barrel price, sometimes not, so I see BP etc. as derivatives - hard to TA with confidence.
